TMI Blog2020 (12) TMI 822X X X X Extracts X X X X X X X X Extracts X X X X ..... adraiah [ 2020 (12) TMI 348 - ITAT BANGALORE ]. In principle, the assessee is entitled for deduction u/s.54F of the Act in respect of investment made in multiple flats subject to production of relevant evidence by the a. before the Assessing Officer. Accordingly, the assessee shall furnish all the evidence in support of the claim of deduction u/s. 54F of the Act. The Assessing Officer has to satisfy himself the fulflment of other conditions laid down in Section 54F of the Act for granting the deduction u/s. 54F of the Act and ordered accordingly. - ITA No.768/Bang/2016 - - - Dated:- 18-12-2020 - Shri Chandra Poojari, Accountant Member And Smt. Beena Pillai, Judicial Member For the Assessee : Shri S.V. Ravi Shankar, Advocate. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee transferred undivided share of 60% in the above said land and the builder agreed to construct and deliver 40% of super built up area in the form of apartments along with similar percentage of car parking and other benefit in the constructed area. This consideration was subject to capital gains tax in the assessment year under consideration. Now the contention of the ld.AR is that since the assessee got allotted flats and it should be considered as investment in terms of 54F of the Act and it is to be granted. The assessee failed inadvertently to raise this ground and the same be considered. The learned Departmental Representative objected to the admission of additional grounds. 6. The ld. AR placed reliance on the Hon'ble Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45 . 9.1 Now the contention of DR is that the building is having multiple residential units. The assessee is entitled for deduction in respect of only one residential unit. 10. We have gone through the case records. Actually, this was the single piece of property bearing Sy.No.47/8 (Eastern Portion), Doddabommasandra, Chamundeshwari Layout, Vidyaranya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of several units which can, if the need arises, be conveniently and independently, used as an independent residence, the requirement of Section should be taken to have been satisfied. There is nothing in these Sections which requires a residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use. If there is nothing in this Section which requires that the residential house should be in built in a particular manner, it seems to us that the Income Tax Authorities cannot insist upon that requirement. A person may construct a house according to his plans, requirements and compulsions. A person may construct a residential house in such a manner that he m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the assessee has not filed relevant evidences for incurring the cost on new residential house before the A.O. Hence, we inclined to restore the issue to the file of A.O. for quantification purpose the deduction u/s 54F of the Act. The assessee is directed to produce all relevant evidences in support of the claim of deduction u/s 54F of the Act. 13. In the result, appeal of the assessee is allowed for statistical purposes. In view of the above judgment, we are of the opinion that, in principle, the assessee is entitled for deduction u/s.54F of the Act in respect of investment made in multiple flats subject to production of relevant evidence by the a. before the Assessing Officer. Accordingly, the assessee shall furnish all the ev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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